Life insurance policy is very important for every family. It is financially helpful for the family when the policyholder dies. If you have a life insurance cover, you should keep the process of his own, telling your family. Know how life insurance is used in this news and what documents are required.
Claim Process: On the death of the policyholder, the dependents should send a written notice of detail such as policy number, name of the life assured, date of death, location, and cause, etc. For this, you can take the information form from your nearest branch or download it from the official website.
Documents: While submitting the claim form, file the documents like Death Certificate, Age Proof of Life Assured, Policy Document, Deed of Assignment, etc. If the death of a policyholder is done within three years of buying life insurance, some additional documents also have to be submitted. These include hospital certificate if the deceased person was hospitalized, certificate of cremation or burial from the person present during the incident, the certificate of the employer if the deceased person was employed, the certificate of a medical attendant mentioning the details of the disease.
Claim Settlement: As per IRDAI rules, insurance companies should issue insurance money within 30 days of a claim. If the insurance company needs to carry out additional scrutiny, the process of providing payment should be completed within 6 months after receipt of the claim.
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